基于企业价值视角的“营改增”政策效应研究——兼析治理环境的调节作用和控制权性质的影响

“Business Tax Replaced with VAT”,Governance Environment and Firm Value Analysis of the Regulation Role of Governance Environment and Controlling Right Property

"营改增"改革的目标在于减轻企业税收负担进而最大化企业价值。基于微观企业数据的双重差分检验表明,"营改增"显著提升了企业价值,且税改后增值税税率越低则企业价值提升越显著;治理环境会影响"营改增"的政策效应,金字塔控制层级越少、两权分离度越小、所处地区市场化水平越高的企业价值提升越显著;非国有企业的税收政策敏感性强于国有企业,"营改增"的企业价值提升效应及治理环境的调节作用仅在非国有企业中显著,而在国有企业中不显著。为强化税收政策的企业价值提升效应,政府应深化增值税改革和国有企业改革以进一步降低企业税收负担,各地区要加快市场化改革进程以优化宏观治理环境,企业也要不断完善自身内部治理结构。

The objective of business tax replaced with value-added tax aims to reduce the business burden and to maximize the business value.Based on the tax reform of replacing business tax with value-added tax,this paper empirically tests the influence of the tax reform on the firm value using the difference-in-difference method,and further examines the moderating effect of internal and external governance environment.The study finds that the reform of replacing business tax with value-added tax enhances firm value significantly,and the policy effect becomes more significant when the value-added tax rate changes lower after the tax reform.The governance environment can change the policy effect on the firm value.The shorter the pyramid level is,the stronger the policy effect is.The smaller the separation of rights is,the stronger the policy effect is.The better the market environment is,the stronger the policy effect is.Further study exploring the nature of property finds that the policy effect and the effect of governance environment on the policy effect are both significant only in non-state-owned enterprises and are not significant in state-owned enterprises.In order to enforce value promotion effect of the enterprises by tax policy,Chinese government should deepen the reform of value-added tax and the state-owned enterprises to further reduce the burden of the enterprises,all regions should accelerate the process of market-oriented reform to optimize macro-governance environment,and the enterprises should continuously complete inner management structure.